The Cost of a Boomerang
Thursday, July 7th, 2011Food for thought: 85% of graduating college seniors are planning to move back home.
Fly to coop, spend 4 (sometimes +) years in college and then 85% of Millennials head back to the coop to live with their previously empty-nester Boomer parents.
This is the age of “Boomerangs.”
The focus of today’s boomerang conversation is mainly unemployment and a weak economy – these grads can’t find jobs and therefore can’t afford to stand/live on their own. With the kids back, these full-again households encounter countless strains. Another mouth to feed. Another body to keep warm. Curfews aside, the major strains are clearly financial.
We talk about the financial strain of boomerangs but rarely link those strains to the spending/buying behaviors of Boomers.
Forget that new car. Forget that vacation. Forget those Golden Years of peace and quiet retirement.
The kids are back and so are their cars, cell phones, snack foods, loads of laundry and sticks of deodorant.
The impact on the Boomer Parents is huge:
70% of Boomers own a hyrid
20% of Boomers with Boomerangs own a hybrid.
That’s a huge disparity. And on the flip side…. a huge opportunity.
85% of graduating college seniors planning to move back home.
85% is a statistic we simply can’t afford to ignore.
85% …
It’s time to talk to Boomers differently